Global Consumer Audio Market Size, Growth, Insights, Outlook 2031

(MENAFN- Straits Research) The term "audio and sound equipment" refers to an extensive assortment of electronic devices utilized to transmit, reproduce, or capture audio. The term "consumer audio" refers to Audio products and technologies designed for personal and domestic use by consumers. This category includes a variety of systems and devices designed for recreational purposes, including but not limited to music listening, movie viewing, and video game playing. Consumer audio systems include devices such as microphones, amplifiers, soundbars, earphones, speaker systems, and headphones, among others.
Market Dynamics
Popularity of Voice-First Technology Drives the Global Market
Voice-first technology is primarily adopted by the current generation, which is maturing in an era of query-response devices. It has become commonplace to interact with consumer products via voice, including computers, tablets, smartphones, and other peripheral devices. Voice-first technology substantially impacts consumers, particularly in developed nations such as the United States and other European countries. In the present context, it is being adopted by consumers and is transforming into a standard technology found in various consumer devices.
There have been observations of this embedding in numerous product categories of consumer devices, including speakers. Voice-first devices consist of voice-assistant speakers, such as those provided by Google (Home) and Amazon (Echo, Echo Dot, and Tap), which enable direct application of voice command functionalities. The following cohort of consumers would anticipate voice interaction from AI. By 2025, more than fifty percent of all human-computer interaction will be voice-assisted. This, in turn, propels market expansion in the years to come.
Strategic Initiatives by Key Players Create Tremendous Opportunities
Prominent market participants engage in various strategic endeavors, including product launches, joint ventures, acquisitions, and expansion. For instance, in June 2022, Highlander Partners, L.P., a prominent private investment firm, announced the acquisition of McIntosh Group through a newly formed holding company. McIntosh Group, an industry pioneer and leader in high-end consumer audio for decades, presently produces and distributes the world's finest amplifiers, speakers, turntables, and other audio products under several renowned brands. Such factors generate market expansion opportunities.
Regional Analysis
North America is the most significant global consumer audio market shareholder and is expected to expand substantially during the forecast period. The market is primarily boosted by millennials, who can be classified as a digital generation due to their technological prowess and smartphone preoccupation. An estimated 96% of the United States population listened to music for over 25 hours per week in 2019. Likewise, throughout the nation, in 2019, over 1.15 trillion on-demand tracks were streamed across multiple platforms in audio and video formats. In the region, the prevalence of on-demand streaming is increasing consumer audio sales. An increased prevalence of voice technology is also being observed in the United States to facilitate e-commerce. By 2023, the voice commerce market will be worth USD 45 billion in the United States. Therefore, the aspects above will stimulate the demand for smart devices, propelling the market revenue for consumer audio throughout the forecast period.
Additionally, the region has witnessed a notable upswing in the introduction of consumer audio devices. For instance, Focal substituted its Chora lineup with a novel collection of entry-level speakers in April 2023. The Focal Theva features a more streamlined cabinet design and new color options than its predecessor. According to Focal, every speaker is meticulously engineered to provide the best performance for home theater and music listening. By the end of the month, six additional lecturers added to the lineup are anticipated to be present. The company has announced that Focal Theva will officially debut at Axpona (Audio Expo North America) in Chicago, Illinois, from April 14–16. These factors are expected to accelerate the growth of the market.
Key Highlights

The global consumer audio market was valued at USD 99.58 billion in 2022. It is estimated to reach USD 303.21 billion by 2031, growing at a CAGR of 17% during the forecast period (2023–2031).
Based on product, the global consumer audio market is divided into microphones, soundbars, speaker systems, headphones, and headsets.
The headphones segment is the most significant contributor to the market.
Based on connectivity, the global consumer audio market is divided into wired and wireless.
The wireless segment dominates the global market.
Based on application, the global consumer audio market is bifurcated into education, commercial, retail, commercial, government, industrial, and hospitality.
The commercial segment is the highest contributor to the market.
North America is the most significant global consumer audio market shareholder and is expected to expand substantially during the forecast period.

Competitive Players
The key players in the global consumer audio market are Swagelok, Parker-Hannifin Corporation, HY-LOK Corporation, Fujikin Inc., Bray International Inc., Circor International, Richards Industries Inc., AS-Schneider Group, Ham-Let Group, and Oliver Valves Ltd.
Market News

In June 2023, TCL®, a prominent and best-selling manufacturer of consumer electronics on a global scale, unveiled five additional premium soundbars today for its Q Class and S Class product lines. Motivating customers to enhance their entertainment systems, TCL's groundbreaking soundbar product line expands the functionalities of home theaters and enhances the aesthetic appeal of its acclaimed televisions.


In May 2023, Skyball, an innovative manufacturer of smart accessories and home audio products, unveiled its first collection of home audio products. The Portable Sound Bar Neo20, Party Box 600, Party Pillar 1200,
Party Pillar 1100, and Party Pillar 1300 are included in the product lineup of Skyball.

Global Consumer Audio Market: Segmentation
By Product

Microphones
Soundbars
Speaker Systems
Headphones
Headsets

By Connectivity

Wired
Wireless

By Applications

Education
Commercial
Retail
Commercial
Government
Industrial
Hospitality

By Regions

North America
Europe
Asia-Pacific
Latin America
The Middle East and Africa

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